API3 has entered into a 10-year development partnership with Open Bank Project to connect over 400 banking & open banking APIs directly to blockchains via API3’s Airnode.
Through their development partnership, Open Bank Project and API3 will enable banks to send data directly to blockchain networks through the use of API3’s Airnode first-party oracle. This provides third-party decentralized application developers with the opportunity to begin rapidly prototyping blockchain solutions powered by open banking data. Potential use cases for open banking data on blockchains are numerous, and include solutions like secure and decentralized databases for data verification between banks and authorized third parties, the bridging of open banking data to blockchain-native systems like DeFi and self-sovereign identities, and data marketplaces and data unions enabling banking customers to monetize their private financial data.
the Open Bank Project and API3 will co-host a series of tech sprints, where the entire blockchain community, financial institutions, and government regulators are invited to participate, discuss, and explore what a new financial reality could look like at large.
Simon Redfern, CEO, Open Bank Project, said:
“We are absolutely thrilled to work with API3 on enabling open banking on the blockchain. Hopefully, this will serve as a framework for financial regulators to explore and create new standards and set the foundation for the blockchain economy to converge with banking-based digital offerings.”
Heikki Vänttinen, co-founder of API3, said:
“API3 is incredibly excited to see the blockchain industry begin to merge with open banking, and we can’t wait to see the innovative solutions that will grow out of this. Now that traditional finance and crypto are converging, we hope this newfound connectivity between the two will build a foundation for the future of a digital banking experience inclusive of blockchain-enabled systems like DeFi.”
